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JPMorgan CEO Jamie Dimon is one of the leaders when it comes to stakeholder capitalism, writes Nevins.
'Stakeholder capitalism' is part of a sea change in boardrooms
As a businessman and entrepreneur, I never considered the intersection of my professional experience with the work I do to help support and create healthy self-governance in our nation as co-founder of the Bridge Alliance.
But that perspective has changed dramatically in recent months.
The concepts of "stakeholder capitalism" and "corporate responsibility" are coming to the forefront of the news as unprecedented actions are being taken by businesses across the country to change the very nature of their role in society.
A sea change of activity is occurring before our eyes.
In 2019, 181 CEOs announced a commitment to lead their companies for the benefit of all stakeholders rather than just their shareholders. Stakeholders consist of customers, employees, suppliers, communities and of course shareholders.
Jamie Dimon, chairman and CEO of JPMorgan Chase & Co. and chairman of Business Roundtable said:
"The American dream is alive, but fraying. Major employers are investing in their workers and communities because they know it is the only way to be successful over the long term. These modernized principles reflect the business community's unwavering commitment to continue to push for an economy that serves all Americans."
As a lifelong proud capitalist, Dimon's proclamation resonated with me deeply. The concept that each individual company can serve its own corporate purpose, but also share a fundamental commitment to all society, is becoming more important to consumers as well and perhaps one reason boardrooms across the country are changing corporate policies and investments.
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And doing so can also be good for business. Recent studies show that it pays to connect with customers and connecting means caring about the world we live in. The growth of "socially responsible investing" through mutual funds allows everyday citizens to align their values with their investments. The opportunity now exists for investors to design their portfolio allocation around goals that are meaningful to them whether it is our planet, our cities or around faith-based goals.
Some of the specifics of stakeholder capitalism is and what the 181 CEOs committed to on behalf of their customers, employees and communities include:
- Delivering value to our customers. We will further the tradition of American companies leading the way in meeting or exceeding customer expectations.
- Investing in our employees. This starts with compensating them fairly and providing important benefits. It also includes supporting them through training and education that help develop new skills for a rapidly changing world. We foster diversity and inclusion, dignity and respect.
- Dealing fairly and ethically with our suppliers. We are dedicated to serving as good partners to the other companies, large and small, that help us meet our missions.
- Supporting the communities in which we work. We respect the people in our communities and protect the environment by embracing sustainable practices across our businesses.
- Generating long-term value for shareholders, who provide the capital that allows companies to invest, grow and innovate. We are committed to transparency and effective engagement with shareholders.
Admittedly, some of the above language is vague but the general goals are being backed up with concrete actions by corporations.
For example BlackRock CEO Larry Fink pledged a "Net Zero" fiduciary approach to climate change.
As reported yesterday in The Fulcrum, companies including HP, Microsoft and Unilever are calling for expanded voting access in Texas. And a few weeks ago corporations such as Coca-Cola and Delta Airlines took forceful stances against Georgia's new restrictive election law.
PricewaterhouseCoopers, a huge multinational professional services network of firms, is made up of 55,000 people of all races, ethnicities, genders and backgrounds and has instituted a diversity program "to build a culture of belonging — one where we move from awareness to empathy and demonstrate inclusive leadership."
These are just a few examples of the change in the very nature of corporate responsibility sweeping across America. More and more corporations realize that socially responsible policies that do what is best for humanity should be at the core of every decision they make, because ultimately their customers and their shareholders are humans too.
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Bridge Alliance President Debilyn Molineaux is now co-publisher of The Fulcrum.
Welcome.
Molineaux is President/CEO of the Bridge Alliance Education Fund, is a 501(c)(3) organization that houses The Fulcrum. David L. Nevins is chairman of the board.
We are very excited and honored to become the new co-publishers of The Fulcrum. We are thrilled to have the opportunity to build upon the successes of the first two years of publication.
We are confident that The Fulcrum will continue to explain how citizens can become involved and why our democracy depends on citizen engagement. We must harness the tension of our differences in order to strengthen the bond between us. For more than two years, The Fulcrum has played an important role in doing so. We envision growing the existing digital platform to be more interactive, engaging, and innovative — in order to empower Americans of all stripes in our movement.
To reach this goal, you will notice an expansion of content available on The Fulcrum over the next few months. We will build on the founding mission that focused primarily on political reform, and reach more people on topics that demonstrate democracy is connected to our day-to-day lives.
New mission: The Fulcrum is a platform where insiders and outsiders to politics are informed, meet, talk, and act to repair our democracy and make it live and work in our everyday lives.
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We will continue to publish news about political reform topics, but also share stories that inspire and connect daily concerns to reform efforts. As we share stories, we make the important news interesting to new readers. The forthcoming Citizen Connect website, which will be connected to The Fulcrum, will allow people to move from news to action with a click of their mouse.
We have unwavering confidence in America's future, while recognizing the profound challenges we face. It is the affection for our great nation and faith in the power of regular American citizens to make a difference that will drive The Fulcrum's success. If we can authentically reach and welcome people from diverse perspectives, geography, generations, and backgrounds, as a nation, we will succeed. We are committed, through The Fulcrum, to help citizens learn, engage, and find their path forward that reflects their values and priorities for the sake of a more perfect union.
The Fulcrum will continue to be guided by the high journalistic standards that have been a hallmark of The Fulcrum from the outset. Each article, story, video, and podcast will be categorized as News, Analysis, Opinion, or a Common Ground Corner, so you know the type of content you are receiving.
Initially, much of the new content will be provided by Bridge Alliance's more than 90 member organizations, each of which is working to strengthen democracy.
The members in the alliance are the political and social infrastructure to catalyze this movement towards healthy self-governance, so we can re-envision democracy itself.
From the outset of our nation, the critical role that a free press must have in maintaining democracy was forthright in the mind of our founders. As flawed men, they nevertheless envisioned a future we can live into.
No experiment can be more interesting than that we are now trying, and which we trust will end in establishing the fact, that man may be governed by reason and truth. Our first object should therefore be, to leave open to him all the avenues to truth. The most effectual hitherto found, is the freedom of the press. It is, therefore, the first shut up by those who fear the investigation of their actions. — Thomas Jefferson
We invite you to subscribe to our daily email for the latest news, stories, and solutions to our most vexing problem: fixing democracy itself.
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The Fulcrum will help the Bridge Alliance bridge the divide that separates us, writes Nevins.
Why the Bridge Alliance is taking charge of The Fulcrum
Nevins is co-founder and board chairman of the Bridge Alliance, a coalition of more than 90 organizations promoting core goals of the democracy reform movement: fairer and more accessible elections, reduced influence of money in politics, enhanced civic engagement, bolstered government transparency and more effective governance "with a country-before-party mindset."
I am excited about the opportunity for the Bridge Alliance, through its public communications arm the Bridge Alliance Education Fund, to become the new publisher of The Fulcrum as it grows and builds upon the successes of its first 29 months.
The work of our more than 90 member organizations is gaining traction. It is obvious to millions of Americans that something is wrong and we must fix our country's social and political system — by bridging the many divides that separate us.
We must harness the tension of our differences in order to strengthen our inalienable rights to life, liberty and the pursuit of happiness — balancing individual and community needs. For more than two years The Fulcrum has played an important role in doing so. We envision growing the existing digital platform to be more interactive, engaging and innovative — in order to empower Americans of all stripes in our movement. Our aim is to create a democracy that puts We the People first.
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The task will not be easy. To succeed we must find the balance between maintaining impeccable journalistic standards and, at the same time, offering to magnify the voices of all Americans yearning for a healthier governing system: young people, people of all ethnic and racial backgrounds, rural and urban dwellers, conservatives and progressives.
The Fulcrum will channel all these voices seeking a better democracy as we talk respectfully among ourselves.
We know how much citizens are yearning for more involvement and deeper connection with one another. The democratic reform community must reach all people who are advocating for particular fixes for the system, then connect them with the organizations pushing to make those changes a reality.
This is the new aspiration of The Fulcrum. We will enact a marketing strategy to reach people where they are and help them connect to the reforming democracy movement as a way to reach their own goals.
I have a deep faith in the power of regular American citizens to make a difference. Indeed, every advancement in our society has been led by the people. The Fulcrum's platform can engage, and will involve, citizens of all stripes. We can and must welcome all Americans — from across the political spectrum and the social spectrum — who see our differences as a strength.
Americans have a genuine sense of an authentic interest, affiliation and affection for this great nation. Our unwavering confidence in the country's future must be restored as we recognize and address the profound challenges we face.
Through The Fulcrum, we will continue our commitment to help citizens find their own path forward — one that reflects their own values and priorities, not the publisher's political agenda or anyone else's.
As a voice for democracy, The Fulcrum will be empowering, action-oriented, pragmatic, inclusive, trustworthy, innovative, positive, appreciative and respectful to all as we work together to achieve the goal of a more perfect union, a country where "E pluribus unum" (Out of many, one) is a reality.
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